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Egypt's Central Bank denies drop in foreign reserves

Deputy governor says reserves stand at $28 billion, contrary to a report from state news agency

Reuters, Saturday 21 May 2011

Egypt's Central Bank has denied a report carried by the MENA news agency that the foreign exchange reserves of the country had dropped to US$24.9 billion.

The official agency's report, published on May 19, cited current Minister of Finance Samir Radwan.

But Hisham Ramez, deputy governor of the Central Bank, told Reuters: "the only source of foreign reserves is the Central Bank of Egypt."

"The correct figure is $28 billion at the end of April and not $24.9 billion as reported by state news agency MENA."

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